Two-thirds of US public and private companies still admit that they have no formal CEO succession plan in place, according to a survey conducted by the National Association of Corporate Directors last year.

And only one-third of the executives who told headhunter Korn Ferry this year that their companies do have such a program were satisfied with the outcome.

These figures are alarming.

Click here for the entire article by Åsa Björnberg and Claudio Feser in McKinsey Quarterly.

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